Nazir to share on building CIMB brand
The Chief Executive of the CIMB Group Datuk Seri Nazir Razak will attend the prestigious CEO Night 2011 to share his experience in successfully building the CIMB brand which is not only outstanding in Malaysia but has excelled regionally. The event, …..
E&O falls on 72pc profit slump
Eastern and Oriental Bhd, a Malaysian property and hotels group, fell the most in more than three weeks in Kuala Lumpur trading after reporting a 72 per cent drop in quarterly profit.The stock fell 3.4 per cent to RM1.44 at 9:05 a.m. local time, set …..
Padini rises on 41pc Q3 earnings jump
Padini Holdings Bhd, a Malaysian garment maker and retailer, rose the most in more than a month in Kuala Lumpur trading after reporting a 41 per cent jump in third-quarter earnings.The stock increased 4.6 per cent to RM1.13 at 9:12 a.m. local time, s…..
Ireka suffers pre-tax loss of RM11m
KUALA LUMPUR:Ireka Corporation Bhd’s registered a pre-tax loss of RM11.03 million for the financial year ended March 31, 2011 ascompared to a pre-tax profit of RM9.2 million in the same quarter 2010.Revenue increased 13.1 per cent to RM444.5 million …..
MNRB eyes 10-15pc revenue growth
KUALA LUMPUR: MNRB Holdings Bhd is aiming for a 10 to 15 per cent growth in revenue in its current financial year, given an encouraging performance in the previous year, its Group Chief Operating Officer, Datuk Ramlan Abdul Rashid said. He said the t…..
Ringgit ends higher against US dollar
KUALA LUMPUR:The ringgit traded higher against the US dollar today supported by strong buying interest, dealers said.At 5pm, the local unit was traded at 3.0125/0155 against the US dollar,compared with 3.0170/0200 at the close yesterday. ‘The stronge…..
‘Malaysia needs more dynamic private sector’
Malaysia needs a more dynamic private sector to ensure it achieves 6 per cent annual growth in the face of a ‘fragile’ global economy and ‘stiff’ competition from lower cost neighbours for investment, Second Finance Minister Ahmad Husni Hanadzlah sai…..
Matrade opens office in Poland
FRANKFURT: The Malaysia External Trade Development Corporation (Matrade) has established a new office in the Polish capital, Warsaw, thus adding a new link to its network of offices around the globe. Although Matrade has taken the premises for its ne…..
KL shares close higher
KUALA LUMPUR:Share prices on Bursa Malaysia closed higher today on late buying of bluechips particularly finance and plantation-related stocks, dealers said. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) increased 15.45 points to end at 1…..
Malaysia May palm exports up 7.9pc: ITS
Malaysia’s palm oil exports rose 7.9 per cent in May compared with the previous month, independent market surveyor Intertek said.A total of 1,354,516 metric tons of the commodity were tracked from May 1 to May 31, versus 1,255,392 tons in April, Inte…..
Asian markets closed higher
Asian markets closed higher today on news that the European Union is drafting additional assistance for indebted Greece’s funding needs……
All eyes on impact of electricity rate increase on consumers
PETALING JAYA: It remains to be seen whether companies will pass on to consumers the higher cost of business stemming from the rise in electricity tariffs and gas prices……
Electricity tariff hike to help TNB cover extra costs
KUALA LUMPUR: After several rounds of deferment and a long wait, Tenaga Nasional Bhd (TNB) has finally gotten the green light to implement new electricity tariff rates which will help it mitigate the effects of higher gas prices……
Companies look for power way, way up in the sky
BOSTON: The world’s strongest winds race high in the sky, but that doesn’t mean they’re out of reach as a potentially potent energy source. Flying, swooping and floating turbines are being developed to turn high-altitude winds into electricity. The c…..
China hikes electricity prices
SHANGHAI: China has raised electricity rates for some industrial users as parts of the country grapple with their worst energy crisis in years, despite concerns higher costs may add to inflation……
Minority shareholders should ask for more
THE minority shareholders of two property companies have to ponder over whether to accept takeover offers of their companies. The offers though dont look attractive; hence minority shareholders should ask for more. The great thing is, they have all …..
Measat in broadband deal with Thaicom
KUALA LUMPUR: Measat Global Bhd has signed a 10-year deal with Thailand’s sole private satellite operator, Thaicom Public Company Ltd, to provide bandwidth capacity and its related broadband services in Malaysia, to be called Measat 5……
Analysts have mixed views on Gentings land purchase in Florida
PETALING JAYA: Genting Malaysia Bhds land acquisition in Miami, Florida for US$236mil received mixed reactions from analysts while the move is seen as the way to diversify its earnings base and spur growth going forward……
Mixed views on two offers
PETALING JAYA: Reactions of analysts are mixed about whether minority shareholders of Asia Pacific Land Bhd (AP Land) and OSK Property Holdings Bhd should accept takeover offers for the property developers……
BHIC joint venture to produce artillery propellants
KUALA LUMPUR: Boustead Heavy Industries Corp Bhd (BHIC) signed a joint-venture deal with Prokhas Managers Sdn Bhd (PMSB) yesterday to supply artillery propellants to the Malaysian Armed Forces……
Analysts upbeat on Sime
PETALING JAYA: Analysts are confident that Sime Darby Bhd is making progress with the portfolio review and divestment of non-core assets after suffering massive losses in the oil and gas division a year ago……
Sime looking after welfare of estate workers in Liberia
MONROVIA (Liberia): Sime Darbys entry into Liberia poses a tough challenge not just in terms of issues relating to the land it has obtained to develop oil palm and rubber plantations but also providing for its workers and their children……
Mixed blessings for Perodua
KUALA LUMPUR: Perusahaan Otomobil Kedua Sdn Bhd (Perodua) views the converging factors such as rising inflation, the gradual reduction in fuel subsidies and the possible increase in hire purchase (HP) interest rates, as a double-edged sword to its au…..
EIG proposes rights issue
PETALING JAYA: Esthetics International Group Bhd (EIG) has proposed a rights issue of 52.8 million rights shares with 52.8 million free detachable warrants on the basis of two rights shares and two free warrants for every five existing EIG shares……
Oldtown updates IPO prospectus
PETALING JAYA: In an updated prospectus draft, Oldtown Bhd is pricing its issue/offer price at RM1.25 per share for its initial public offering (IPO) of 96.4 million shares of RM1 each, instead of offering 59.5 million shares as stated in its first d…..
MFM proposes share split
PETALING JAYA: Malayan Flour Mills Bhd (MFM) has proposed a share split of every one existing ordinary share of RM1 each in the company into two new ordinary shares of 50 sen each……
SC approves Maybank’s note programme
KUALA LUMPUR: The Securities Commission has approved Malayan Banking Bhd’s (Maybank) establishment of a subordinated note programme with up to RM3bil in nominal value……
Nomination for new auditors
PETALING JAYA: Lebar Daun Bhd has received a notice of nomination from Datuk Noor Azman @ Noor Hizam Mohd Nurdin, a substantial shareholder of the company, for the nomination of Messrs Afrizan Tarmili Khairul Azhar as auditors of the company for…..
Wahid resigns as Bursa director
PETALING JAYA: Datuk Seri Abdul Wahid Omar has resigned from his position as Bursa Malaysia Bhd non-executive director……
Texchem’s ratings outlook revised to negative
PETALING JAYA: RAM Rating Services Bhd has revised the outlook of manufacturer Texchem Resources Bhd’s RM100mil commercial papers/medium-term notes (CP/MTN) programme to negative from stable after losses in three of the company’s five…..
S&P cuts tsunami hit Tepco rating to junk
TOKYO: Ratings agency Standard and Poors cut its credit rating on Tokyo Electric Power to junk status yesterday, saying the utilitys bank lenders were more likely to be forced to write off debt as part of a restructuring scheme to compensate victim…..
CIMB Q1 results slightly below expectations
PETALING JAYA: CIMB Groups first quarter results came in slightly below expectations but the second half will likely be boosted by stronger capital market activities, higher domestic net interest margin (NIM) and impact from various economic transfo…..
PLUS Q1 net profit increases to RM495mil
PETALING JAYA: PLUS Expressways Bhd’s net profit for its first quarter ended March 31 rose by 75.3% to RM495.1mil as it received RM364mil of compensation in accordance with the terms in the current concession agreements……
TIME Q1 net profit up 22% to RM23mil
PETALING JAYA: TIME dotCom Bhd net profit for the first quarter ended March 31 surged 21.8% to RM22.9mil from a year ago due to higher revenue and improved margins……
High demand for modipalm mills
SUBANG: CB Industrial Product Holding Bhd, is bidding for contracts for the construction of modipalm mills worth RM400mil in the local and overseas markets……
Japan’s factory output rises 1.0% in April
TOKYO: The government says Japan’s industrial output in April rose 1.0 percent from the previous month……
Japan jobless rate in April rises to 4.7%
TOKYO: The government says Japan’s unemployment rate rose to 4.7 percent in April……
Economies around the world are growing more slowly
WASHINGTON: From the United States to Europe and even to booming China, the global economy is showing signs of strain……
Fiat willing to buy Canada’s Chrysler stock
TORONTO: The chief executive officer of Chrysler and Fiat said Monday he and Canadian authorities have begun talking about purchasing Canada’s 1.7 percent ownership in Chrysler……
Venezuelans battling soaring food prices
EL TIGRE, Venezuela: Soaring food prices are forcing many Venezuelans to change their eating habits, trim their shopping lists and set aside more of their earnings to feed their families……
Report: Hong Kong IPO planned for Samsonite
NEW YORK: Private equity firm CVC Capital partners will take Samsonite International S.A. public on the Hong Kong stock exchange in early June, according to a published report……
Renault taps Nissan executive as new COO
PARIS: French automaker Renault SA named a top executive of Nissan Americas as its new chief operating officer on Monday, in an effort to move on from an embarrassing scandal around false accusations of espionage……
Germany decides to abandon nuclear power by 2022
BERLIN: Europe’s economic powerhouse, Germany, is to abandon nuclear energy over the next eleven years drawing up an ambitious plan in the wake of Japan’s Fukushima disaster to replace atomic power with renewable energy sources……
ECB official: New Greek aid under study
FRANKFURT, Germany: Greece could get another 20 billion ($28 billion) in aid from its fellow euro countries and raise three times that through new austerity measures such as selling government property, a top European Central Bank official says……
Japan auto production drops 60.1% in April
TOKYO: Auto production in Japan has plunged 60.1 percent in April from the previous year after the March earthquake and tsunami destroyed key parts suppliers in northeastern Japan……
Oil rises to above US$101 in asia Tuesday
SINGAPORE: Oil prices rose to above US$101 a barrel Tuesday in Asia as a weakening U.S. dollar made crude cheaper for investors with other currencies……
ECBs Smaghi warns against default repercussions
LONDON: The idea that a Greek debt restructuring could be carried out in an orderly way is a fairytale, European Central Bank board member Lorenzo Bini Smaghi said in an interview published yesterday……
Daewoo drops Entekhab for Electrolux
SEOUL: A US$513mil takeover deal for South Koreas Daewoo Electronics Co Ltd has collapsed, leaving its creditors-turned-shareholders to tap reserve bidder, Swedish electronics firm, Electrolux AB. …..
HSBC eyes Islamic bank services in Australia
SYDNEY: Banking giant HSBC is thinking of introducing Islamic financial services in Australia where the government is keen to use such offerings to grow as a regional finance hub, according to HSBC……